Chartist Mutual Fund/ETF Letter

Actual Cash AccountTHIS IS A REAL MONEY ACCOUNT, IT IS NOT HYPOTHETICAL. IT BUYS AND SELLS IN CONCERT WITH OUR HOTLINE ADVICE.

Editors: Dan Sullivan & Steve Mais | October 14, 2021

30YEARS30YEARS

�e Chartist

ACCESS CODECURRENT: 4795

PURCHASE ADJUSTED TOTAL CURRENT MARKET $GAIN %FUND SYMBOL QTY DATE *PRICE COST PRICE VALUE LOSS CHGSPDR DOW JONES INDUSTRIAL DIA 443 6/3/16 177.99 78,847 349.16 154,678 75,831 96.2%SPDR DOW JONES INDUSTRIAL DIA 689 8/19/20 278.68 192,011 349.16 240,571 48,561 25.3%ISHARES RUSSELL 1000 IWB 684 7/21/20 182.15 124,591 249.68 170,781 46,191 37.1%ISHARES RUSSELL 1000 IWB 1019 8/19/20 189.02 192,611 249.68 254,424 61,813 32.1%ISHARES RUSSELL 2000 IWM 614 8/19/20 156.94 96,361 225.70 138,580 42,219 43.8%ISHARES RUSSELL 2000 GROWTH IWO 87 2/6/12 94.82 8,249 301.60 26,239 17,990 218.1%SPDR S&P BANK KBE 376 2/6/12 22.02 8,281 55.23 20,766 12,485 150.8%SPDR S&P MID-CAP 400 MDY 271 8/19/20 354.28 96,010 500.55 135,649 39,639 41.3%INVESCO QQQ TRUST QQQ 464 7/21/20 268.40 124,537 366.63 170,116 45,579 36.6%SPDR S&P 500 SPY 750 6/3/16 210.33 157,744 442.50 331,875 174,131 110.4%SPDR S&P 500 SPY 381 7/21/20 326.48 124,388 442.50 168,593 44,205 35.5%SPDR S&P 500 SPY 567 8/19/20 339.11 192,275 442.50 250,898 58,622 30.5%VANGUARD SMALL CAP VB 107 2/6/12 77.66 8,310 226.98 24,287 15,977 192.3%SPDR S&P HOMEBUILDERS XHB 488 1/11/12 18.61 9,080 74.78 36,493 27,413 301.9%SECTOR SPDR INDUSTRIAL SELECT XLI 224 2/6/12 37.16 8,324 101.91 22,828 14,504 174.2% 1,421,619 2,146,777 725,158 51.0%

Above are all the open positions in The Chartist Long-term Mutual Fund Letter Actual Cash Account. This is NOT hypothetical. On each and every trade actual cash is deployed. Brokerage commissions are accounted for and copies of our brokerage statements are available upon request. Whenever The Chartist Mutual Fund Letter makes recommendations concerning this account, they are placed on our Hotline at approximately 6:00PM East Coast Time. The Hotline is for the exclusive use of subscribers to The Chartist Mutual Fund Letter. Absolutely no one has an unfair advantage in the utilization of the Hotline because we do not act in behalf of ourselves or any other account until the day after our Hotline is activated. This gives everyone ample time to accept or reject the advice placed on the Hotline. Copies of the complete Track Record are available upon request.

MONEY MARKET FUNDS $76,447MARKET VALUE $2,146,777BEGINNING VALUE 8/29/88 $100,000TOTAL VALUE $2,223,225TOTAL PROFITS $2,123,225 COMPOUNDED GAIN 9.91%(since inception)

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UPSIDE MOMENTUM RAPIDLY IMPROVINGThere’s no question volatility has picked up which historically has been the tendency for September and October as well. Seasonal trends aside however the market faces a number of ongoing concerns. Primary among these are: persistent supply chain challenges, rising commodity prices, the continuing effect of Covid-19 and the timetable for the Fed to scale back its monetary policy.

The familiar pattern of modest pullbacks remained in place at the beginning of the third quarter. Much like the first half of the year, there was little downside volatility as the major averages routinely bounced off their 50-day moving averages before resuming upward trends. The S&P 500, the Dow and the Nasdaq notched record highs during the period, but September took a turn for the worse.

After closing at record highs on September 2nd, the S&P abruptly headed south falling 5% over the ensuing 21 trading sessions through October 4th. The September pullback marked the first decline of 5% in over 200 trading sessions. For the quarter the S&P 500 was virtually unchanged +0.2% while the Dow and Nasdaq lost 1.9% and

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0.4% respectively. In the interim, the major averages have rallied back convincingly. As we go to press, the S&P 500 and Dow are just a tick above their 50 day moving averages while the Nasdaq Composite is narrowly below. The Russell 2000, S&P Midcaps, Value Line Geometric, and NYSE Composite have all taken out their 50-day lines with authority. This is a big step in the right direction; however, there is still formidable overhead resistance to overcome.

This is certainly doable. With all of the major averages now in striking distance of record high territory, there is still a great deal of pessimism out there, which is a big plus. The latest from Investors Intelligence now shows the bullish contingent at 42.2% vs. 40.4% last week, which was the lowest in several months. This is favorable from a contrary opinion standpoint, and it is buoyed by the American Association of Individual Investors (AAII) numbers that show the bulls at only 25.5%. That is a fairly significant decline since June 1st when the bulls clocked in at 45.6%.

It continues to be our contention that we are in a bull market that still has a great deal of upside potential. Our advice for investors who are following our Real Money accounts is to stay fully invested. If the momentum that has been building up carries into next week, there is a good chance that we will be making additional hotline recommendations.

Question: In your last stock newsletter published only a week ago, you were looking for the S&P 500 to break support and test its 200 day moving average. The letter was dated October 7th. So here we are only five trading sessions later with the S&P gaining less than 1% and you are ready to turn bullish and make recommendations. Answer: We have

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PURCHASE PURCHASE AMOUNT CURRENT CURRENT $GAIN/ % %FUND SYMBOL DATE *PRICE INVESTED PRICE VALUE LOSS CHANGE ASSETS

DOUBLELINE BOND FUND DBLTX 10/09/15 8.84 50,017 10.49 59,352 9,336 18.7 7.9%DODGE & COX BALANCED DODBX 07/12/02 23.13 9,992 115.55 49,918 39,925 399.6 6.6%JANUS SHORT-TERM BOND JASBX 07/12/02 1.88 63,527 3.07 103,738 40,211 63.3 13.8%WELLS FARGO SHRT DUR GVT MNSGX 07/12/02 6.11 15,367 9.70 24,396 9,029 58.8 3.2%OAKMARK EQUITY & INCOME OAKBX 07/12/02 7.00 11,172 36.55 58,334 47,162 422.1 7.7%T ROWE PRICE CAP APPREC. PRWCX 07/12/02 5.19 7,769 38.64 57,844 50,075 644.5 7.7%SPDR S&P 500 SPY 11/04/15 211.51 13,748 435.18 28,287 14,539 105.7 3.8%SPDR S&P 500 SPY 10/10/12 144.28 16,304 435.18 49,175 32,872 201.6 6.5%SPDR S&P 500 SPY 08/19/20 339.11 72,909 435.18 93,564 20,655 28.3 12.4%VANGUARD SMALLCAP GROWTH VSGAX 05/18/11 28.21 13,230 99.77 46,792 33,562 253.7 6.2%YACKTMAN FOCUSED FUND YAFFX 11/11/09 5.50 8,696 21.53 34,039 25,343 291.5 4.5% 282,730 605,439 322,708 114.1% 80.4%

BEGINNING VALUE 7/11/02 $250,000MONEY MARKET FUNDS $147,339CURRENT VALUE $752,778TOTAL PROFITS $502,778TOTAL RETURN (since inception) 201.13%ANNUAL COMPOUNDED GAIN 5.89%

The Chartist Actual Cash Account Balanced Portfolio began with $250,000 on 7/12/02. This is NOT hypothetical. On each and every trade, actual cash is deployed. Brokerage commissions are accounted for and copies of our brokerage statements are available upon request. Whenever The Chartist Mutual Fund Letter makes recommendations concerning this account, they are placed on our Hotline at approximately 6:00 PM East Coast Time. We request that rating services exclude the Balanced Portfolio when determining our performance numbers because it is risk-adverse, geared for very conservative investors. It is designed to out perform the benchmark S&P 500 during bear markets and under perform in bull markets.

*IMPORTANT: Purchase price has been adjusted to reflect dividends and capital gains. The performance results of the Actual Cash Account are presented gross of Advisory Fees.

Actual Cash Account Balanced Portfolio

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not altered our long-term bullish position. Here is what we said in answer to the question, “Do you think support will hold?”: “It could, but we suspect it will be broken. This could potentially set up a test of the various 200 day moving averages. We feel it is going to take a heavily oversold condition to turn this market around. If the current move carries into next week, we will be hard pressed not to make recommendations for investors who still have cash on the sidelines. We have been particularly impressed by the price action of the S&P Midcap Index and Value Line Geometric that are now only 1% and 2.5% under their all-time highs. The Advance/Decline Line also appears poised for a breakout, as you can see by the chart below. The next few sessions should tell the story. Stay tuned.

THE GOOD, THE BAD, AND THE UGLYWith earnings season heating up, investors will be watching closely over the next several weeks to determine the effect inflation and the supply chain bottlenecks will have on results. According to FactSet, third quarter earnings are expected to increase 28% compared to a year ago.

Economic data was also favorable. Weekly initial jobless claims for the week ended October 9, fell to 293,000 -- the first time it’s been below the 300,000 level since the pandemic began. It was below estimates of 320,000 and the previous week’s upwardly revised number of 329,000. Also, wholesale prices eased slightly. According to the Labor Department, the Produce Price Index rose 0.5% in September, compared to August’s 0.7% increase and below the consensus estimate of a 0.6% gain. Despite the downtick, the numbers remain historically high.

While the wholesale prices cooled slightly, consumer prices jumped more than expected last month. The Consumer Price Index rose 5.4% in September from a year earlier. Economists had forecasted a 5.3% increase. Month-over-month prices rose 0.4% which was also higher than expected at 0.3%. The core price index, which excludes the volatile food and energy segments, climbed 4.0%. Prices rose for rent, food, furniture, and autos.

Federal Reserve Chair Jerome Powell has repeatedly stated that the rise in prices wase only “transitory.” Treasure Secretary Janet Yellen recently commented that the inflationary pressures will temper eventually, but added “that doesn’t mean they’ll go away over the next several months.” As evidence mounts, however, more economists assert that inflation will stick longer than previously forecasted. The Social Security Administration cited inflation as the reason for a 5.9% cost of living increase to benefits – the largest increase in nearly 40 years. Accelerating wage growth caused by a shortage of workers has also contributed to inflation pressures.

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In an attempt to fix the supply chain issue, President Biden negotiated an agreement with the Port of Los Angeles to expand operating around the clock. The Port of Long Beach was also involved in the discussions. Together the ports handle 40% of all containers coming into the U.S. Under the proposed plan, the LA port would almost double the number of hours that dock workers have to move the cargo from the ships to the shore. The Port of Long Beach Executive Director Mario Cordero said that “it has advocated a 24/7 model for some time now,” but cautioned that, “Admittedly, it won’t happen overnight, but there’s a lot of buy-in.” For months the line of ships has stretched from the ports to Huntington Beach 20 miles away and at times even farther. From the beach, they look like small hotels or tiny islands. The container ships are just one part of the equation of the supply chain problem. Also involved are transportation trains, warehouses and retailers. There’s a shortage of truckers, and warehouses are often at capacity. In other words it could take a while to untangle the mess.

SELECTED QUOTESJack Bowers, Editor; Fidelity Monitor & Insight; www.

fmandi.comMuch like Japan 32 years ago, China's real estate market is at lofty levels, with residential and commercial properties selling at sky-high valuations. That may be about to change. The country's One Child Policy, which was imposed 1980-2016, has created a demographic time bomb: the country's working-age population flat-lined in 2010, just as its old-age dependency ratio began to soar. What comes next is not entirely clear. President Xi Jinping appears to be hitting the pause button on capitalism as he looks to hew more toward the Communist Party line. A Japan style real estate bust does not seem likely at this point, though it can't be ruled out. What does seem reasonably certain is that construction activity and consumer spending will slow, and investment capital could become relatively scarce. Think imposed credit crunch.

The Chinese government has many more financial tools than Japan did, and will likely manage the situation in a way that minimizes harm to its non-wealthy and retired citizens.

The government's main goals probably include lower real estate prices, reduced income inequality, cleaner air, and

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PURCHASE PURCHASE CURRENT PERCENTFUND SYMBOL DATE *PRICE PRICE CHANGE

Mutual Fund/ETF Hotline Recommendations

BRIDGEWAY SMALLCAP VALUE BRSVX 2/10/21 30.52 37.93 24.28CORNERCAP SMALL CAP VALUE INVESTOR CSCVX 9/29/16 11.00 19.28 75.27SPDR DOW JONES INDUSTRIALS DIA 6/3/21 344.61 349.16 1.32DODGE & COX STOCK DODGX 9/29/16 115.55 239.31 107.11DOUBLELINE SHILLER ENHANCED DSENX 2/15/17 10.87 21.55 98.25ISHARES SELECT DIVIDEND DVY 9/3/21 119.76 118.82 -0.78FIDELITY EMERGING MARKETS FEMKX 9/29/16 23.31 47.14 102.23FIDELITY GROWTH & INCOME FGRIX 2/15/17 29.56 49.76 68.34FIDELITY LEVERAGED COMPANY STOCK FLVCX 2/15/17 24.29 46.59 91.81ISHARES CORE S&P SMALLCAP IJR 2/10/21 107.22 112.53 4.95ISHARES S&P SMALLCAP 600 VALUE IJS 9/3/21 102.97 104.11 1.11ISHARES S&P SMALLCAP 600 GROWTH IJT 2/10/21 134.57 133.27 -0.97ISHARES MICROCAP IWC 2/10/21 154.79 147.10 -4.97ISHARES RUSSELL 1000 VALUE IWD 12/1/16 101.68 161.71 59.04ISHARES RUSSELL 1000 VALUE IWD 4/9/21 154.30 161.71 4.80ISHARES RUSSELL 1000 VALUE IWD 6/3/21 160.99 161.71 0.45ISAHRES RUSSELL 2000 GROWTH IWO 4/9/21 303.02 301.60 -0.47LSV VALUE EQUITY LSVEX 12/1/16 20.05 31.43 56.76VANGUARD SMALL CAP NAESX 2/15/17 60.88 106.91 75.61NORTHERN SMALLCAP INDEX NSIDX 2/10/21 17.69 17.48 -1.19INVESCO QQQ QQQ 9/3/21 379.52 366.63 -3.40SCHWAB U.S. DIVIDEND SCHD 4/9/21 73.91 76.66 3.72SCHWAB U.S. DIVIDEND SCHD 6/3/21 76.90 76.66 -0.31SCHWAB U.S. MID-CAP SCHM 12/1/16 41.96 79.73 90.01SCHWAB U.S. MID-CAP SCHM 4/9/21 76.02 79.73 4.88SCHWAB U.S. MID-CAP SCHM 6/3/21 77.91 79.73 2.34SPDR S&P DIVIDEND SDY 4/9/21 119.43 122.04 2.19SPDR S&P 500 SPY 9/3/21 452.02 442.50 -2.11TCW RELATIVE VALUE DIVIDEND APPREC TGIGX 12/1/16 14.19 21.73 53.14AMERICAN CENTURY VALUE INV TWVLX 12/1/16 6.30 9.66 53.33VICTORY SYCAMORE ESTABLISHED VALUE A VETAX 12/1/16 27.91 50.65 81.48VANGUARD EXTENDED MARKET INDEX VEXMX 2/15/17 72.44 141.90 95.89VANGUARD SMALL CAP VALUE VISVX 9/29/16 23.96 41.62 73.71VANGUARD VALUE ETF VTV 12/1/16 82.10 139.92 70.43VANGUARD VALUE VTV 4/9/21 133.07 139.92 5.15VANGUARD WINDSOR VWNDX 12/1/16 14.12 25.41 79.96*The purchase price may have been adjusted to reflect reinvestments of dividends and capital gains.

a strengthening of its social safety net. Reasonable goals for sure, but they may not be achievable without a degree of negative impact to Chinese GDP growth and stock valuations for Hong Kong and China. Some U.S. corporations could also be affected. But in the vast majority of cases, the amount of revenue derived from Hong Kong and China is very small, and U.S. firms that do have significant exposure could still benefit by being in sync with the government's goals, especially those that contribute to China's exports (Tesla comes to mind).

The Elliott Wave Theorist www.elliottwave.comA Note on the State of Social MoodA handful of people have expressed to us that they

think the world is in a state of negative social mood. We disagree with that assessment. The stock market has been at all-time record valuation; sentiment indicators have achieved record levels, at times by multiples; junk bonds are priced the richest ever, even as their fundamentals are the weakest ever; governments feel rich and are spending like drunken sailors; central bankers are confident and unworried, and they have been characterized as heroes; the world economy is producing more tax revenue than ever, despite government efforts to kill productivity; and there are no wars anywhere on the entire planet. I can even make a case that the current left/right political rift in the U.S. is due to manic positive mood. It has impelled the left’s drive to make some people’s lives risk-free and

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iShares S&P 500 Growth ETF IVW 05/00 20.6 4.6% -57.3% 3/9/09 163.7% 22.6% 8.4% -0.5%Schwab US LargeCap Growth ETF SCHG 12/09 3.2 3.2% -32.4% 3/23/20 184.7% 22.5% 8.2% -0.5%iShares Russell 1000 Growth ETF IWF 05/00 25.8 4.8% -64.3% 3/9/09 183.3% 21.2% 7.8% -0.7%Vanguard Growth ETF VUG 01/04 8.1 4.1% -50.7% 3/9/09 178.1% 22.0% 7.6% -0.5%Invesco Defensive Equity ETF DEF 12/06 7.8 3.2% -47.9% 3/9/09 89.1% 16.8% 6.3% -1.1%Invesco QQQ ETF QQQ 03/99 39.2 6.6% -83.0% 10/9/02 216.4% 21.9% 6.3% -1.3%Vanguard MidCap Growth ETF VOT 08/06 10.1 4.4% -60.2% 11/20/08 140.2% 26.1% 7.9% 0.9%iShares Core S&P 500 ETF IVV 05/00 13.9 4.5% -55.3% 3/9/09 122.9% 24.8% 6.1% -0.5%SPDR S&P 500 ETF SPY 01/93 14.2 5.1% -55.2% 3/9/09 122.3% 24.8% 6.0% -0.5%Vanguard LargeCap ETF VV 01/04 9.2 4.0% -54.8% 3/9/09 127.1% 25.1% 6.1% -0.5%Vanguard Energy ETF VDE 09/04 20.4 6.4% -74.2% 3/18/20 -2.6% 98.6% 23.1% 8.5%Schwab US LargeCap ETF SCHX 11/09 3.1 3.0% -34.3% 3/23/20 126.8% 25.5% 5.9% -0.5%iShares Global Technology ETF IXN 11/01 13.2 5.2% -55.7% 3/9/09 224.1% 22.5% 4.8% -1.7%iShares Russell 1000 ETF IWB 05/00 14.0 4.5% -55.4% 3/9/09 124.2% 25.5% 5.7% -0.5%iShares Russell MidCap Growth ETF IWP 08/01 11.0 4.9% -56.9% 11/20/08 146.7% 22.6% 6.3% -0.4%iShares Global Energy ETF IXC 11/01 19.0 6.1% -67.9% 3/18/20 6.9% 77.4% 20.7% 9.8%Schwab US Broad Market ETF SCHB 11/09 3.2 3.0% -35.3% 3/23/20 123.2% 26.4% 5.5% -0.6%Vanguard Total Stock Market ETF VTI 05/01 10.7 4.4% -55.4% 3/9/09 123.7% 26.5% 5.5% -0.5%iShares Russell 3000 ETF IWV 05/00 13.7 4.6% -55.6% 3/9/09 121.5% 26.1% 5.3% -0.6%Vanguard Dividend Appreciation ETF VIG 04/06 7.0 3.5% -46.8% 3/9/09 108.2% 17.9% 4.0% -0.8%Health Care Select Sector SPDR ETF XLV 12/98 8.5 4.4% -39.2% 3/9/09 95.0% 16.6% 6.9% -2.5%iShares Global 100 ETF IOO 12/00 14.0 4.6% -55.9% 3/9/09 115.0% 23.7% 5.7% -1.0%iShares Russell MidCap ETF IWR 08/01 10.3 4.7% -58.8% 3/9/09 102.4% 31.3% 4.9% 0.0%iShares Global Healthcare ETF IXJ 11/01 7.9 3.9% -40.6% 3/9/09 82.8% 13.2% 6.7% -2.6%ProShares S&P 500 Div Aristocrats ETF NOBL 10/13 2.4 2.4% -35.4% 3/23/20 89.5% 20.9% 3.2% -1.9%

Voya Russia-A LETRX 07/96 37.2 8.5% -90.4% 10/2/98 123.0% 50.0% 31.8% 13.9%TCW Select Equities-I TGCEX 03/93 21.4 6.1% -62.8% 10/9/02 193.5% 22.2% 11.0% -0.6%Aegis Value AVALX 06/00 14.6 5.0% -73.9% 3/9/09 121.5% 57.4% 15.1% 2.1%Congress SmallCap Growth CSMCX 11/00 10.8 4.8% -56.2% 3/9/09 197.4% 50.1% 13.0% 4.9%Congress SmallCap Growth Retail CSMVX 11/00 11.0 4.8% -56.5% 3/9/09 193.9% 49.7% 12.9% 4.9%Fidelity FFIDX 09/88 15.6 5.2% -55.4% 3/9/09 141.6% 22.8% 9.0% 0.1%Bridgeway SmallCap Value BRSVX 10/03 15.3 5.5% -67.6% 3/9/09 127.3% 95.9% 14.3% 7.5%Fidelity Magellan FMAGX 09/88 17.8 5.5% -61.6% 11/20/08 136.6% 17.5% 8.1% -0.1%Value Line Premier Growth VALSX 09/88 18.0 5.7% -55.1% 3/9/09 140.2% 17.3% 8.4% 2.0%Fidelity Disciplined Equity FDEQX 12/88 15.3 5.2% -55.3% 3/9/09 126.7% 23.3% 7.7% 0.2%Baron Partners Retail BPTRX 05/03 13.6 5.6% -65.3% 3/9/09 454.4% 56.6% 10.9% 9.4%Fidelity Growth Strategies FDEGX 12/90 48.6 6.8% -86.2% 10/7/02 127.7% 22.5% 7.7% 0.1%Victory Special Value-A SSVSX 12/93 13.4 5.2% -59.8% 3/9/09 97.9% 26.4% 7.4% 2.4%Needham Aggressive Growth Retail NEAGX 09/01 8.6 4.5% -41.9% 3/9/09 172.0% 37.8% 10.9% 2.5%Jensen Quality Growth-J JENSX 08/92 8.5 4.7% -45.7% 3/9/09 126.3% 21.4% 7.4% 0.4%Oakmark Investor OAKMX 08/91 10.6 4.9% -56.1% 3/9/09 117.3% 54.4% 11.1% 3.7%US Global Investors Emerging Europe EUROX 10/97 36.7 6.4% -76.3% 2/23/09 39.7% 37.5% 18.8% 10.1%Fidelity Trend FTRNX 09/88 15.7 5.5% -56.3% 3/9/09 184.8% 21.0% 7.9% 0.9%Fidelity OTC FOCPX 09/88 28.1 6.7% -70.1% 10/7/02 223.5% 26.9% 7.9% 0.5%Nuveen MidCap Value-A FASEX 10/90 14.0 5.2% -55.6% 3/9/09 80.4% 43.3% 6.3% 1.9%Fidelity Contrafund FCNTX 09/88 11.9 4.7% -49.2% 3/9/09 158.8% 18.5% 7.1% -1.4%

INCEPTION MAX.DRAWDOWN % % % %FUND NAME SYMBOL DATE UI SD % DATE 5YRS 1YR 6MON 3MON

INCEPTION MAX.DRAWDOWN % % % %FUND NAME SYMBOL DATE UI SD % DATE 5YRS 1YR 6MON 3MON

Top Relative Strength ETF Funds

Top Relative Strength Mutual Funds

Table 1

Ranked From 03/04/2021

Ranked From 03/04/2021

Table 2

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Virtus Seix USGov Securts Ultr-Shrt Bd-I SIGVX 03/05 0.1 0.2% -1.4% 3/24/20 10.7% 0.2% 0.1% -0.1%FPA New Income FPNIX 09/88 0.6 0.6% -4.2% 8/9/02 20.9% 1.4% 0.5% 0.2%TCW Total Return Bond-I TGLMX 05/98 1.0 0.9% -6.0% 3/19/20 49.4% -0.9% 1.3% -0.4%DoubleLine Total Return Bond-I DBLTX 04/10 0.6 0.5% -7.6% 3/25/20 43.1% 0.9% 1.4% -0.2%TCW Total Return Bond-N TGMNX 03/99 1.1 0.8% -6.0% 3/19/20 45.4% -1.0% 1.3% -0.4%Janus Henderson Flexible Bond-T JAFIX 09/88 1.9 1.2% -10.1% 4/27/90 45.0% 0.5% 1.5% -0.7%PIMCO GNMA & Government Securities PDMIX 01/00 0.8 0.8% -5.4% 9/5/13 29.1% 0.7% -0.1% 0.0%PIMCO Income PIMIX 04/07 1.6 0.8% -13.4% 3/23/20 100.1% 6.3% 2.2% 0.5%Fidelity GNMA FGMNX 09/88 1.1 1.0% -6.3% 5/9/94 24.8% -0.3% -0.5% -0.4%Dodge & Cox Income DODIX 01/89 1.5 1.1% -9.4% 11/24/08 52.0% 1.2% 1.2% -0.5%Vanguard GNMA VFIIX 09/88 1.1 1.1% -5.3% 9/5/13 25.5% -0.3% -0.3% -0.2%iShares 1-3 Year Treasury Bond ETF SHY 07/02 0.3 0.3% -2.2% 6/12/08 10.8% -0.2% -0.1% -0.2%Fidelity Mortgage Securities FMSFX 09/88 1.0 1.0% -4.6% 7/5/13 29.8% -0.4% 0.0% -0.3%Harbor Bond HABDX 09/88 1.6 1.2% -8.7% 3/19/20 47.0% 0.3% 1.6% -0.4%DoubleLine Core Fixed Income-I DBLFX 06/10 0.9 0.5% -10.0% 3/24/20 45.6% 1.3% 1.2% -0.5%PIMCO Investment Grade Crdt Bd PIGIX 10/02 1.9 1.2% -16.4% 3/19/20 74.9% 1.1% 1.8% -1.2%TRPrice New Income PRCIX 09/88 1.7 1.2% -9.9% 3/19/20 36.7% 0.8% 1.5% -0.5%BNY Mellon Bd Mkt-I DBIRX 07/96 1.3 1.0% -6.2% 3/19/20 32.8% -1.1% 1.1% -0.7%Vanguard Total Bond Market Index VBMFX 09/88 1.6 1.2% -6.5% 3/19/20 33.6% -1.1% 1.2% -0.7%AMG GW&K Core Bond-I MBDFX 03/93 1.8 1.2% -8.5% 3/19/20 40.1% -0.5% 0.9% -0.8%Manning & Napier Pro-Blend Conserv-Trm-S EXDAX 11/97 1.7 1.2% -12.9% 3/23/20 72.5% 7.1% 1.3% -1.2%Reynolds Blue Chip Growth RBCGX 09/88 34.9 6.1% -77.1% 10/7/02 276.4% 16.8% 3.9% -1.1%Vanguard Wellesley Income VWINX 09/88 3.1 1.9% -21.8% 3/9/09 113.9% 9.6% 3.6% -0.1%Chartwell Income BERIX 09/88 3.1 1.5% -20.3% 3/23/20 74.8% 11.5% 1.8% -0.4%AMG Yacktman Focused-N YAFFX 05/97 9.4 4.0% -43.8% 3/9/09 228.4% 30.5% 1.9% 0.0%TRPrice Health Sciences PRHSX 12/95 10.6 5.4% -43.0% 11/20/08 566.2% 17.0% 9.7% -1.4%Consumer Staples Select Sector SPDR ETF XLP 12/98 9.0 3.7% -35.7% 3/10/03 198.8% 8.2% 2.4% 0.7%Parnassus Core Equity PRBLX 04/93 6.1 4.2% -42.2% 3/9/09 338.3% 22.2% 3.9% -1.1%TRPrice Spectrum Income RPSIX 06/90 2.3 1.2% -16.7% 11/20/08 61.1% 6.6% 1.1% -0.6%AMG Yacktman-I YACKX 07/92 8.5 4.1% -46.5% 3/9/09 227.4% 33.2% 3.8% 1.1%Parnassus Endeavor PARWX 05/05 6.7 4.4% -47.8% 3/9/09 434.4% 42.4% 0.1% -4.6%Vanguard Health Care VGHCX 09/88 7.5 4.3% -37.1% 3/5/09 308.0% 8.5% 8.0% -3.9%DoubleLine Emerging Markets Fxd Inc-I DBLEX 04/10 2.0 0.7% -21.3% 3/23/20 66.5% 6.5% 0.6% -1.2%Intrepid Endurance ICMAX 10/05 3.5 2.8% -29.1% 3/23/20 67.7% 19.7% -6.1% -7.3%VanEck Vectors Biotech ETF BBH 12/11 6.7 3.7% -33.8% 2/8/16 N/A 14.2% 9.2% -3.6%TRPrice Capital Appreciation PRWCX 09/88 5.8 3.1% -41.8% 11/20/08 262.2% 20.7% 5.3% 1.3%Vanguard LifeStrategy Income VASIX 10/94 2.3 1.3% -18.0% 3/9/09 64.0% 3.3% 1.3% -1.0%Vanguard Tax-Managed Balanced VTMFX 09/94 5.6 2.5% -28.5% 3/9/09 152.2% 13.4% 3.1% -0.6%Vanguard Health Care ETF VHT 01/04 6.6 3.7% -39.1% 3/5/09 386.5% 16.2% 6.5% -2.8%First Trust Dow Jones Internet ETF FDN 06/06 9.2 4.9% -61.5% 11/20/08 637.5% 18.1% 2.2% -4.3%Fidelity Blue Chip Growth FBGRX 09/88 19.3 5.6% -58.6% 3/9/09 599.7% 27.1% 6.4% -0.4%TRPrice New Horizons PRNHX 09/88 15.1 6.0% -55.9% 11/20/08 640.5% 24.6% 12.3% 2.6%TRPrice AllCap Opportunities PRWAX 09/88 15.3 5.6% -54.9% 10/7/02 486.8% 24.5% 5.7% -2.0%LKCM Balanced LKBAX 12/00 5.1 2.8% -31.4% 3/9/09 183.1% 14.5% 3.5% -0.7%Vanguard 500 Index VFINX 09/88 14.2 5.2% -55.3% 3/9/09 334.6% 24.8% 6.0% -0.5%

INCEPTION MAX.DRAWDOWN % % % %FUND NAME SYMBOL DATE UI SD % DATE 10YRS 1YR 6MON 3MON

Top Risk/Reward All Funds Ranked From 10/09/07

Table 3

Important Notes: Table 3 immediately above, Top Risk/Reward All Funds, combines Fidelity, Schwab, and ETF Funds. The ranking is based upon Risk/Reward of each fund over the last 14 years. It is determined by calculating the excess return of a fund over a risk free money market and dividing this excess return by the Ulcer Index UI. The funds are ranked from highest (best) to lowest. Please remember, all of these are excellent funds and represent only a small percent of our entire database. Vanguard 500 Index/40, Table 3, is for reference only: not actual ranking position.

The two tables on page 6 are labeled respectively, Top Relative Strength ETF Funds and Top Relative Strength Mutual Funds. They are ranked from 3/4/2021.

The Ulcer Index UI and Standard Deviation SD are measures of volatility. The UI captures in a single number the depth and duration of a drawdown over a specified period of time. The Ulcer Index ignores upside action. If the drawdown is relatively deep but quick, then the pain is small because it is over soon. If the drawdown is both deep and protracted, then the pain is severe. In both readings, smaller is better.

In all cases, the Max Drawdown is the largest paper loss since inception of the fund or from 9/1/1988 in all three tables. Data provided by www.fasttrack.net

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Actual performance results of the Actual Cash Account and the Balanced Portfolio represent the performance of two continuous accounts managed by The Chartist, Inc. (“The Chartist”). The performance results reflect the reinvestment of dividends and other account earnings, and are net of applicable account transaction and custodial charges. Past performance may not be indicative of future results and the performance of a specific individual client or newsletter subscriber’s account may vary substan-tially from the performance results. No current or prospective client or subscriber should assume that future performance will be profitable, equal the performance results reflected above, or that any of the above holdings (or the account) is suitable for his/her individual situation. All performance results have been compiled solely by The Chartist, are unaudited, and have not been independently verified. Information pertaining to The Chartist’s investment advisory operations, services, and fees is set forth in The Chartist’s current written disclosure statement, a copy of which is available from The Chartist upon request.

If the subscriber were to become a managed account of The Chartist to manage a portfolio similar to the Actual Cash Account performance would be reduced by 1.25% annually, and for the Balanced Portfolio, 1.25% annually, reflecting the maximum investment managed fee that would have been charged by The Chartist under its current managed accounts fee schedule. For reasons including variances in actual account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged The Chartist’s managed account services, and any account contributions or withdrawals, the performance of a specific client’s account may vary substantially from the above indicated results.

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bother-free, even if people whom they perceive as privileged must be penalized to achieve that end. It has impelled the right’s drive to sponsor (in 2020) a massive government spending program and encourage expansive Fed policy to accommodate it, and to become blasé about alternative sexual lifestyles, gay marriage and recreational drug use. These are epic changes. Mood is very positive.If you think mood is negative now, just wait three years.

Joe Shaffer’s The Investors Edge, Incline Village, NV“Never try to pick "the" bottom. It can be done only by politicians and liars -- but I repeat myself. October is known as a volatile month, but that reputation is ill-deserved. Is this the bottom? Heck, I don't know. But I am finding good quality at very fair prices now, unlike in July and August. We need to seek more inflation investments and less income investments. I should first explain my comment about October, since it flies in the face of market lore. October is usually a pretty good month, especially if the 3rd quarter earnings of most companies come in as expected or better.

As I just wrote to one of our Stanford Wealth Mgmt. clients, "October is the scariest, however, only because the Bank Panic of 1907, the Market Crash of 1929, and Black Monday 1987 all happened during the month of October. That is just three occurrences but they stick in people's minds because they were so sudden and volatile. However, except for the one that ushered in The Depression, they marked the bottom and a huge rebound occurred."

So even if we have a fright in October 2021, it would not be a time to panic sell. In two of the three October scares, a V-shaped recovery followed shortly thereafter.”

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ChartistMutual Fund/ETF Letter

Real money portfolios–nothing hypothetical

Published by The ChartistAsset ManagementRegistered Investment Advisors5122 Katella Avenue, Suite 200Los Alamitos, CA 90720562.596.2385

Contact InformationFor The Chartist Mutual Fund/ETF NewsletterTechnical Questions:Email: contactus@thechartist.comWeb: www.thechartist.com

For PersonalizedInvestment ManagementContact Chris MaisEmail: chris@thechartist.comPhone: 800.942.4278Web: www.thechartist.com